It’s nice living in Florida to not have to pay a state income tax. But those savings become a distant memory when we pay for car and home insurance. And home insurance rates are about to skyrocket, according to a new story out this week from WUSF.
They say according to the Insurance Information Institute, Florida homeowners can expect to see another jump of up to 40 PERCENT on home insurance rates this year. How does that compare nationally? They say the average Florida homeowner pays about $4,200 a year for home owners insurance. The rest of the country? $1,544!
So what’s causing that enormous gap? 2 big culprits are Hurricane Ian and a lack of competition. Insurers keep leaving Florida because there’s so much risk. And let’s not forget those roofing scams because that’s certain a factor too. They say Pinellas County in particular is getting hit the hardest here in the Tampa area. [Source: WUSF]